This paper studies equilibria of second price auctions in independent private value envi- ronments with different participation costs. Two types of equilibria are identified: monotonic equilibria in which a bidder with a lower participation cost results in a lower cutoff for sub- mitting a bid,...

This paper studies equilibria of second price auctions when values and participation costs are both privation information and are drawn from general distribution functions. We consider the existence and uniqueness of equilibrium. It is shown that there always exists an equilibrium for this...

This paper develops a signaling theory where brain drain as well as the opposite of brain drain, a phenomenon we call “lame-drain” can result. In particular, we assume there are three types of agents according to their intrinsic abilities; education (with endogenous intensity) consists of...

Fraud is an ancient crime and one that annually causes hundreds of billions of dollars in losses. We examine the behavioral patterns over time of different types of frauds, which illustrate cyclical frequencies. We develop an evolutionary theory that suggests cyclic behavior in frauds should be...

The purpose of this note is to give further generalizations of the Ky Fan minimax inequality by relaxing the compactness and convexity of sets and the quasi-concavity of the functional and to show that our minimax inequalities are equivalent to the Fan-Knaster-Kuratowski-Mazurkiewicz (FKKM)...

This paper considers the screening problem faced by a monopolist of a network good in a general setting. We demonstrate that the joint presence of asymmetric information and network externalities revise the "no distortion on the top" and "one-way distortion" principle. The pattern of consumption...

This paper generalizes a foundational quasi-variationalinequality by relaxing the (0-diagonal) concavity condition. The approach adopted in this paper is based on continuous selection-type arguments and hence it is quite different from the approach used in the literature. Thus it enables us to...

This paper investigates the problem of designing mechanisms whose Nash allocations coincide with Lindahl allocations for public goods economies when initial endowments are private information and unreported endowments are consumed (withheld) but are not destroyed. It will be noted that the...

This paper provides necessary and sufficient conditions for fixed-point theorems, minimax inequalities and some related theorems defined on arbitrary topological spaces that may be discrete, continuum, non-compact or non-convex. We establish a single condition, γ-recursive transfer lower...

This paper develops a formal economic theory to explain the Easterlin paradox-average happiness levels do not necessarily increase as countries grow wealthier. The theory analyzes the different roles of income and non-income factors in promoting people's happiness, and provides a foundation for...